Small businesses operating in Nigeria's real estate value chain have been urged to take advantage of the sector's growing economic significance, as fresh data shows it has become the third-largest contributor to the nation's GDP.
According to newly released figures from the National Bureau of Statistics (NBS), the real estate sector's valuation surged to ₦41.3 trillion in 2024, following a rebasing of the country's Gross Domestic Product (GDP). This places it behind only trade and crop production, and ahead of oil, telecoms, and construction.
The rebasing revealed a massive jump from ₦10.5 trillion in 2023 (pre-rebasing) to ₦30.7 trillion after applying updated methodologies and data capture. The number grew further in 2024, reflecting the sector's rapid expansion and its deepening role in the non-oil economy.
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Industry experts say this update offers new opportunities for SMEs across multiple areas including:
- Property development and rentals
- Building materials and construction services
- Land brokerage and valuation
- Facility management
- Real estate marketing and sales
"This is a cheering development that validates the economic power of real estate and calls for more support from policymakers," said Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria.
Real estate consultant, Jimi Peter, added that the sector's extensive value chain—from land acquisition to construction, marketing, and property management—means SMEs at every level stand to benefit, especially as urbanisation and homeownership continue to rise across Nigeria.
With increasing demand for housing, experts say the sector is poised for further growth, offering a strong platform for small businesses to scale, hire more workers, and generate sustainable income.
